The introduction of the telegraph, and the greater facilities afforded by the press for the general distribution of news, have greatly changed the nature of commercial speculation. Formerly, when news came from abroad at wide intervals, it was of the utmost consequence to obtain early command of prices and information as to movements in the markets, and whoever gained the news first had the first place in the race. Nowadays the telegraph, and the newspapers by the help of the telegraph, give all an equal start, and the whole world knows at once what is going on in every capital of the globe. The thirst for the first possession of news in commercial life is happily described in _Glasgow Past and Present_, wherein the author gives an account of a practice prevailing in the Tontine Reading Rooms at the end of last century. "Immediately on receiving the bag of papers from the post-office," says the writer, "the waiter locked himself up in the bar, and after he had sorted the different papers and had made them up in a heap, he unlocked the door of the bar, and making a sudden rush into the middle of the room, he then tossed up the whole lot of newspapers as high as the ceiling of the room. Now came the grand rush and scramble of the subscribers, every one darting forward to lay hold of a falling newspaper. Sometimes a lucky fellow got hold of five or six newspapers and ran off with them to a corner, in order to select his favourite paper; but he was always hotly pursued by some half-dozen of the disappointed scramblers, who, without ceremony, pulled from his hands the first paper they could lay hold of, regardless of its being torn in the contest. On these occasions I have often seen a heap of gentlemen sprawling on the floor of the room and riding upon one another's backs like a parcel of boys. It happened, however, unfortunately, that a gentleman in one of these scrambles got two of his teeth knocked out of his head, and this ultimately brought about a change in the manner of delivering the newspapers." [Illustration: THE TONTINE READING-ROOMS, GLASGOW--ARRIVAL OF THE MAIL--PERIOD: END OF LAST CENTURY. (_After an old print._)]